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Email: spencermadden2@gmail.com
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Table of Contents
Executive Summary..3
Mission Statement, Vision Statement, Company Culture.4
Company Description..5
Opportunity Analysis and Research..5
Industry Analysis.6
Environmental Analysis..7
Competitive Analysis9
Marketing Strategy and Plan10
Products/Services.11
Pricing12
Promotion..12
Place13
Management and Operations..14
Management Team....14
Research and Development15
Physical Location...16
Facilities...17
Inventory, Production, and Quality Assurance.18
Financial Analysis and Projections.18
Sources and Uses of Capital19
Financial Projections Chart (Year 1 - Year 5) .20
Risks and Assumptions..20
Funding Request and Exit Strategy21
Amount and Type of Funds Required..21
Exit Plan.21
Milestones21
Appendices (rsum)...23
Sources24
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Executive Summary
Southern Tier Firing Range (STFR) is a 30 lane firing range located in Binghamton, NY with the
first virtual range in the Southern Tier region. We offer the opportunity for shooting
enthusiasts, whether it be hunters, active duty and past veterans, law enforcement, or
someone who is a first timer to safely come in and enjoy the excitement of shooting. We are a
sole proprietorship founded by Spencer Madden in 2016 who is a long time outdoorsman with
a passion for firearms and business. We offer 3 different membership opportunities as well as
range time purchased by the hour. Due to the increasing demand by the public for tightened
gun regulations and the expansion of urbanization it is becoming more difficult to find safe and
legal locations for people to use their firearms. We satisfy the need for a location that people
can come and enjoy their hobby with out endangering or bothering local homeowners and law
enforcement. The factors that will be key to our success is our state of the art VirTra virtual
range and the well trained and experienced staff we hire. Our short term goal is to amass at
least 1% of our target market by the end of year 1 and a long term goal is to open up a second
operation after year 5. The resources that the owner brings to the company that will be crucial
to the success of STFR are his passion for business as well as his love of firearms and sharing his
knowledge of firearms with others. We plan to use the capital we raise to renovate the
warehouse we will operate out of to be suitable as a gun range, to purchase the VirTra
projection system, to license the business, and to recruit a well experienced and trained staff.
According to our year 1-5 financial projections we will see profits after the first year provided
we reach our goal of capturing 1% of the target market. We expect growth to be inevitable due
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to our intensive marketing strategy, unique service offered, and knowledgeable staff. We
expect to have 3% of our target market captured by year 5 which would give us a bottom line of
over $400,000. The owner plans to exit the industry upon retirement and will sell the company
and offer a month of training with the sale to the respective buyer.
Mission Statement
Southern Tier Firing Range strives to bring the enjoyment of shooting to a safe and friendly
environment where members can participate in their passion while accompanied by those with
Vision Statement
Through the help of our loyal STFR members/customers and dedicated staff, we plan to be the
largest firing range in the Northeastern United States with virtual range technology.
Company Culture
At STFR we treat all of our staff, members, and customers with the dignity and respect that they
deserve. We intend to act as though we are all a part of the same family. Everyone is
encouraged to share ideas, ask questions, and feel welcome to approach staff members for any
purposes. Under these guidelines we can operate as a family rather than just a business.
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Company Description
Southern Tier Firing Range is a company located in Binghamton, New York in the Southern Tier
of Upstate New York. Spencer Madden, the owner, saw an opportunity in the lack of gun
ranges in the area with increasingly strict gun laws emerging. As technology continues to
improve, gun ranges have a future that is limitless. Virtual range technology is the future in gun
ranges and STFR is fortunate enough to be one of the first in the industry to possess this highly
desirable feature. The company generates its revenue through monthly membership fees as
well as through the purchase of hourly range time by nonmembers. Spencer has the
experience necessary to thrive in a market with opportunity through his management and
entrepreneurship background, his extensive knowledge of firearms, and his esteemed people
skills.
At STFR our target customer is very widely defined. The majority of people we service will be
from the Southern Tier of New York as well as surrounding areas. However, due to our highly
unusual technology we are expecting to attract a share of tourists through our doors. Our
target demographic are young boys and girls, middle aged men, and retired men, however this
not all we plan to attract. Along with this we expect and desire to attract people of all
ethnicities, but due to the demographics in our area we expect to deal mainly with white men
and women. The Southern Tier Region of New York includes, Allegany County, Broome County,
Cattaraugus County, Tioga County, Cortland County and Delaware County. According the the
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U.S. Census Bureau, the total population of the region is 613,209 and after subcategorizing the
population into groups and adding them together I found that 290,967 fall within our target
market which is just under 50%. (US Census Bureau, 2015) I used statistical research on the U.S.
Census Bureaus website to look at the demographics of each county to get a number that
Industry Analysis
STFR operates in the industry of Shooting Range Operations according to the North American
Industry Classification System with an SIC Code of 79990703. (NAICS Association, 2016) The
most important factors that influence the demand for our service is our advanced technology,
and the increasingly strict gun laws. If we have issues with our VirTra range and cannot provide
that service, the demand goes down. However, as the technology advances and we are able to
put in place new scenarios and updates, the demand will go up. Likewise, if gun laws continue
to tighten up on the United States, the demand for local gun ranges goes up but if the laws are
more lenient, our demand goes down. The factors that influence the the supply of our service
is also the technology. Since this is a new technology and currently VirTra is the only
manufacturer of the system, if we need repairs and/or replacement parts this process could be
prolonged and we would not have our competitive advantage. As of 2016, there were only 444
shooting ranges currently operating in the industry and the current growth rate in the industry
is 1.9% annually. However, this number is projected to rise to 3.1% annually between 2016-
2020 according to IBIS World. (IBIS World, 2016) Our major customer group consists solely of
direct consumers. As stated in the previous section, our total market is the entire population of
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the Southern Tier Region which is 613,209, but this is not feasible because this would be placing
firearms in the hands of infants. (US Census Bureau, 2015) I have separated this number into
groups that consist of the target market. Our target market excludes anyone under the age of
10 and over the age of 75. It also excludes women over the age of 20 from the list. After all the
Environmental Analysis
SWOT Analysis:
Strengths Weaknesses
Opportunities Threats
Some of the strengths that we possess at STFR are our large facility that allows up to 30 people
to be shooting at once, the lack of gun ranges in the region, and our biggest strength which is
our VirTra range. Our current weaknesses are our lack of multiple locations and not having a
gun shop or service department like most ranges. Not having another location is a weakness
due to the large area that the Southern Tier of NY consumes. Even though customers might live
in the region, it could still be almost an hour drive to our Binghamton location. Opportunities
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that we have are the small industry size, the projected growth in the industry and the possibility
of increasingly strict gun laws. Our biggest threats are the high prices of ammunition and the
possibility of increasingly strict gun laws. Gun laws are an opportunity and a threat because
they force customers to us because they restrict where they are allowed to fire their weapons,
however if they get so strict that they are banned completely then we no longer have a
business. High prices of ammunition are a threat because we provide ammo to our members
and ammunition manufacturers have a very inelastic good. As soon as it looks as though guns
may be banned they raise their prices because they know people are going to buy as much
ammo as they can before they cant anymore. (IBIS World, 2016) Some of the
external/environmental factors that impact us are technological changes, and legal factors. As I
just mentioned, the impact that changes in gun laws have on us vary greatly. They can either
hurt us or help us in a very large or small way. Technological changes refer to our VirTra
technology and how that technology will change. Currently, these systems are rare and
becomes run-of-the-mill all ranges will have them and we will lose our unique selling
proposition. We do expect to have customers in other countries for our business, specifically
the countries with strict gun laws such as Australia. Australia has banned guns completely and
a lot of the citizens are not a thrilled about this. However, even though we know there is a
market for our business in other countries, we are not going to spend large amounts of money
marketing to international customers who will most likely not ever visit our range.
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Competitive Analysis
Our direct competition is the other local firing ranges in the area. Currently there are 9 ranges
within the specified region none of which have any sort of virtual range like we do. (Where to
Shoot, 2016) Our indirect competition includes state owned land specified for shooting and
people just shooting in their backyards or on private land. Our competitive advantage is our
VirTra range that is provided for our members to use as well as for nonmembers if they buy
single use slot time. To stay competitive, we will not have our price significantly higher than
our competition just because of our VirTra range. We will have an annual membership price to
receive reduced rates on range time, a premium member price to get unlimited free use of
ranges (does not include VirTra range) and a premium plus member price to include VirTra
range time. As well as our competitive pricing we will have an extremely highly trained staff to
assist our customers. Our three biggest competitors are Binghamton Rifle Club, Whitney Point
Sportsman Association, and Broome County Sportsman Association. Binghamton Rifle Club is
our main competitor because they are dedicated to the same service as we provide. The two
sportsman associations do not have as big of ranges and also offer classes such as firearm
safety and hunter safety. Our strategy to out perform our competitors is to provide our
customers with a knowledgeable staff and to always have enough ammo on hand to satisfy our
valued members and customers. The tactics we will use are predicting inventory based on
historical information and extensive interview processes. The barriers we will create to block
out competitors are an expectation of high quality service at a reasonable price to force other
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Marketing Strategy and Plan
Being a business that deals solely with individuals who are gun enthusiasts, our marketing
strategy is to advertise in areas where the target market is likely to be located at. For example,
we will have advertising posters located in all local outdoor shops that sell firearms such as the
Gander Mountain in Binghamton, NY and the Dicks Sporting Goods located in Vestal, NY. By
doing this, we will have as little of our advertising wasted on people who are uninterested.
However, we are aware that we want to reach out to people who are not currently interested
in shooting or learning how to shoot. In order to reach these people as well as our target
market with a direct interest, we will have a billboard located on Highway 87 year round. This
highway will be an effective location because the highway runs directly through all of the
counties within the Southern Tier Region so we can advertise to our entire target market.
According to the New York State Government website, about 250 million vehicles travel this
highway a year which will give us an extremely large viewing rate. (New York State, 2016)
Finally, we will use radio advertising to connect with our target market. We will have four 30-
second long commercials a day on 98.1 The Hawk which is Binghamtons #1 station for new
country music. (Gaebler, 2015) In general, the majority of country music fans enjoy firearms,
hunting, and the like. This will be a great opportunity to reach our target market. In order to
be profitable, we will need to capture only 1% of our target market as members and only 5% as
pay as you go customers. However, of course we intend to capture a much higher percentage
than this but these numbers will allow us to cover our expenses. Our positioning statement in
our marketing plan is that we possess a service that is not offered anywhere else in the region
and provide a safe location for people to continue to enjoy their favorite hobby. We plan to
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grow our organization by using our retained earnings from our first 5 years to open up a second
location to decrease the traveling distance of some of our members and to give the possibility
to join to those who do not want to drive a long way to use our range. We do not plan to
franchise because we take pride in the knowledge of our workers and the safety of our
environments and we do not want our reputation in the hands of franchise owners.
Product/Service
We will be marketing our 3 different types of memberships that we offer and our USP will be
our state of the art virtual range. Our first membership is the basic plan which offers discounts
on range time and 100 rounds of ammo per year to the member. The next membership option
is the premium plan which is unlimited basic range time and 500 rounds of ammo. The final
option is the premium plus plan which which offers unlimited basic range time, 20 hours of
guest range time, 10 hours of VirTra range time, and 500 rounds of ammo per year. We will
also market our opportunity for one time users to come in and shoot. This will meet the need
for more firing ranges, as well as the need for people to see what its like to be put in real life
situations with a firearm. Our service is currently in the introduction phase because the
technology in our virtual firing range is brand new and not well adopted yet. The main feature
we will focus on selling and marketing will be our VirTra range because that is what separates
us from the competitors. The only thing we plan to own will be our name and our logo as of
right now. Should the opportunity come down the road for us to create a product that will
better the sport, we will get all necessary patents needed. The other organizations we will be
helping will be our ammunition suppliers; Remington and Winchester. We will be purchasing
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extremely large amounts of ammunition from them monthly. We also plan to support some
organizations who support the causes we believe in such as the NRA, the NYDEC, and the EPA.
We will publicize our philanthropy on our webpage, but we will not go out of our way to try and
receive publicity for it. We will do our philanthropy because we believe in the causes of the
Pricing
Our pricing strategy will be skimming prices because we have a service that is still in the
introductory stage and have the ability to charge more because we have no competitors. We
will also use meet-or-beat-the-competition pricing for our memberships that our competitors
offer such as the basic package which allows only for the use of regular range time unless
virtual range time is purchased separately. The only discount structure we will offer is a
reduction of membership fees to active duty military members, veterans, active duty police
officers, and former police officers. We will not extend credit to customers because we charge
based on an annual fee to our members so we expect to be paid once a year in full.
Promotion
Our business slogan is Dial in Down Here in the Southern Tier. Our business logo is the
acronym for Southern Tier Firing Range. It will be the letters STFR in bold letters underlined
by a rifle. We will protect our logo by getting a trademark for it. We will specifically advertise
within our region in outdoor stores, along a major highway, and through the local country radio
station. We intend to receive publicity through the uniqueness of our service offered and by
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offering discounts to the people who serve and protect our country. We will provide superior
customer service by hiring a well-educated staff, having unmatched enthusiasm, and by letting
no question go unanswered. We will keep our customer database safe through a secured DB
platform that we will have created by an outside organization that specializes in database
programming. The questions that will be asked to all customers in the data base will be things
such as name, DOB, address, phone number, membership plan, and years of shooting
experience.
Place
Our service will be sold at our one physical location. This location will be in Binghamton, NY
which is in the center of the Southern Tier Region. This location will give the best opportunity
to limit the driving time of our furthest members from the location. The advantages of having a
single physical location and no virtual location is the reduced fixed costs of having a single
location. Also, it allows us to gain a personal relationship with our customers. The surrounding
businesses are Gander Mountain, lots of restaurants and entertainment, and a large shopping
mall. The location is right off of the large Highway 87 as well. As said before, Highway 87 gets
travelled by roughly 250 million vehicles a year. (New York State, 2016) Current unemployment
rate in Binghamton, NY is 5.2% and the increase in private sector jobs rose by only 3,000 in
2016. (New York State , 2016) This provides us with ample opportunity to staff our first location
accordingly.
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Management and Operations
Management Team
Year 1 Year 5
CEO
Spencer Madden
CEO
Spencer Madden
Administrative Administrative
Manager Assistant
Administrative
Manager Range Supervisor Range Supervisor Range Supervisor Range Supervisor Range Supervisor
We will be hiring employees and their qualifications are going to be crucial to our success. We
will pride ourselves in having a well educated staff to ensure all of our customers questions are
answered. We will be looking for people who have at least 5 years of experience handling,
shooting, and cleaning firearms. These employees will also be expected to carry a positive
attitude everyday to work with the intention of helping customers. The biggest trait that all our
employees must have is a love for firearms and the sport of shooting. We are not looking for
people who are just here to pay the bills. We want people who believe in the same things we
do. They will help in the success of the business because people will want to shoot with us
because they know that it is the best place to go to improve their shooting skills. We will pay
employees in management positions with a yearly salary. All other part-time and full time
workers will be paid hourly. I intend to pay myself a yearly salary with a 5% commission in the
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bottom line. As years progress the commission may increase, but for now we want to keep as
much of the bottom line as retained earnings as possible in order to grow the business. Our
most important policy towards employees will be respect. Managers will respect employees,
employees will respect managers, and everyone will respect customers. This will allow
everyone to enjoy coming to work with people they enjoy spending time with. Our corporate
governance is based on a 5 rule system to describe our organizations ethics. The first rule is to
act responsibly whenever in possession of a firearm, safety is our number one concern (treat
Third is to continuously support the non-profit organizations who are on the same mission as
us. Fourth, is to act in compliance with all legal regulations and standards. Fifth, is to respect
the opinions of those who do not share the same passion for firearms as us. We will have a
single advisor for the first 5 years and then potentially move to a board depending on growth.
Our advisor will be Andy McCormick of Whitney Point, NY. Andy is one of the game wardens
for the area so he will be able to provide us with information on new laws and restrictions that
We will continue to research our market and how it changes yearly. Also, we will be
consistently researching the new technologies that can improve our business such as the VirTra
we use. Currently, the next technology that is on the rise that we have been researching is
called the Action Target Total Containment Trap. This is a safe backstop that catches
discharged rounds and disposes of them properly to reduce our ecological footprint. This
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technology is not yet completed, but we plan to purchase this backstop once it is ready and has
been tested. Others in the industry are currently also looking into this technology, but we are
not getting this product for a competitive advantage. We are getting this product because it
helps us to follow our guidelines to act as an ethical organization. Our only intellectual
property will be our name, logo, and slogan and these will be protected by a trademark.
Physical Location
Our location will be a 31,000 square foot warehouse located in Binghamton, NY right off
Highway 87 at 97 Ely St, Binghamton, NY 13904. This warehouse is 41,000 square feet with the
option to rent as little as 31,000 square feet at $2.60/SF/Year. (LoopNet, 2016) We will turn the
warehouse into a 30 lane shooting range with 1 virtual range. Along with this we will have a
main office where people can come in and learn about memberships and talk with our
employees. We are located right down the street from Gander Mountain so people can
purchase weapons to use or ammunition that we do not carry. The only zoning law that applies
to us for the city of Binghamton is compliance with noise regulations. We cannot surpass 70
decibels at anytime during the day. (City of Binghamton NY, 2016) Most firearms are producing
around 130 decibels each shot so it is imperative that we be sure to completely sound proof our
building. Other zoning laws such as flood damage prevention, erosion control, and unsafe
building construction do not apply to us because we are renting our building. (City of
Binghamton NY, 2016) They only apply to those constructing a new building that must comply
with regulations.
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Facilities
Our building will be an industrial leased warehouse and our equipment will be our VirTra
projection system. The technological tools we will use for our organization will be the the
VirTra virtual range system. We are willing to spend the money to purchase this expensive
technology because it provides us with a competitive advantage because no other gun ranges
have one in the region. We will get access to the technology through direct order of the
manufacturer. They provide all the equipment needed and install the system for you. Also, we
will purchase the yearly service and updates provided by the company. Potentially down the
road when the technology is ready, we will purchase an Action Target Total Containment Trap
as further equipment. The TCT catches discharged bullets and spent rounds in order to recycle
the metals used to make them in order to be used again. This is much more environmentally
friendly then discarding spent rounds into the trash to never be used again.
The only products that we will plan to sell and/or provide to our members will be the
ammunition. We will receive the ammunition directly from the manufacturers due to the high
As of right now there are no economies of scale to be obtained by our business because we are
not producing anything that we will be able to reduce costs on. An estimated delivery time on
our service is immediate. Once a member signs up and fills out all required paperwork, they
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are more than welcome to shoot that day if they choose. The method we will use to ensure the
quality of our service is a helpful staff, an ample supply of ammunition on hand, and never
having a wait time. Our business will need a strong insurance policy due to the fact that it deals
equipment, and protection from litigation. We have hired an account to ensure that all of our
taxes are being done correctly, so we can focus on what we do best. We will not have any
employees working for minimum wage and you must be 21 in order to work for us so we will
not have any issues with the law there. Health and safety regulations will limit employees and
customers from spending more than an hour at a time in the range due to noise concerns.
Also, everyone must be wearing safety glasses and hearing protection at all times while in the
range. Antidiscrimination laws affect us just like every other company. Every employee will
have a fair chance to work at STFR provided they have the right number of years of experience
All recordkeeping will be done by our outside operation accountant. We will have a business
checking account for business purchases. We will also have a business savings account for
emergency use only. As the number of members we accumulate grows, our materials and
supplies will grow concurrently because we provide ammunition to our members. Also, we
have fluctuating licensing costs due to NY State law on the introduction of new firing lanes.
There is an initial cost of $10,000 to license our first ranges. After year 3 when we introduce
more ranges we have another licensing cost for $5,000 to incorporate the additional 15 lanes.
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Sources and Uses of Capital
We will need to raise $350,000 in capital in order to pay for all necessary components to start
the business. We will be asking for a loan on a 7 year repayments plan at a lower than 10%
interest rate. The money will be used to build the ranges, purchase the virtual range, staff the
business, recruit outsourced staff, and purchase all necessary equipment. We will need to build
all ranges and purchase the virtual range which will equal roughly $100,000. We also need to
purchase inventory as well as equipment such as computers and databases. In total we expect
to have slightly over $300,000 in start up expenses. The extra $50,000 will be used in the
recruiting process for finding qualified individuals. All of the start up capital will be raised
through debt to avoid losing any equity in the company. We will have enough profit to payback
the money borrowed by year 3, but we took a 7-year loan in order to use most of profits as
retained earnings. We will use bootstrap financing in order to make to initial loan go as far as it
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Financial Projections Chart (Year 1 Year 5)
Our biggest risk to our current financial projections is the potential for litigation and/or
increased insurance rates. Although we intend to operate with safety being the number one
concern and enforce firearm responsibility very strictly, guns are dangerous and there is the
possibility of accidents happening. It is important to acknowledge that these risks are present
so we can be better prepared for them. We have a business savings account that a percentage
of net income will go into each year and this money will be used as a contingency plan. If we
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have in increased insurance rate and/or get sued, we will be able to cover the expenses by
We are requesting $350,000 to be paid back at under 10% interest over 7 years. We will be
using this debt to finance the business. The money will be used to rent the location and
Exit Plan
Lenders will be paid back within 7 years. Franchising is not currently in our plans but a second
operation is likely to be started. Exit strategy will be selling the business upon retirement time.
A months worth of training will be provided to the buyer in order to teach them how to
Milestones
Our biggest milestones within the first 10 years are to open a second operation by year 5 in
order to better serve our target market in distant locations within the region. Another
milestone we hope to achieve is to expand large enough to accumulate the extra 10,000 square
foot available in our current facility. By year 5 we hope to have the Total Containment Trap
installed in order to reduce our ecological footprint. Our final milestone which is set for year 10
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is to have contributed over $1 million to the organizations we support such as the NRA, NYDEC,
and the EPA. This will prove our commitment to our core values.
Appendices
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Spencer A. Madden 19 Durham Street
smadden@nichols.edu Nashua, NH 03063
603-305-8325
Summary of Qualifications
o Hard working individual that excels in communication and critical problem solving
o Works well in groups, large or small, while still maintaining leadership qualifications
o Organized and well prepared to take on any challenge that may arise
Education
Nichols College, Dudley, MA Anticipated Graduation May 2018
Bachelor of Science in Business Administration Overall GPA 3.78/4.00
Concentration in Management Major GPA 4.00/4.00
Certificate in Entrepreneurship
Work Experience
Landscape Architect, Newmans Landscaping, Brookline, NH, Summer 2015
Tailored client lawns to requested specifications. Instilled values of hard work and the
abilities to meet deadlines while staying within a designated budget and still satisfying
the customer.
Athletics
Nichols College Varsity Baseball NCAA Division III
Volunteer Work
Three-time Nashua canned food drive volunteer
April 2012-2014
Eight-time Leukemia & Lymphoma awareness Light the Night Walk participant
September 2006-2013
Bison Give-Back Day
October 2014
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http://www.loopnet.com/Listing/19915485/97-Ely-St-Binghamton-NY/
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https://www.labor.ny.gov/stats/laus.asp
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Authority: http://www.thruway.ny.gov/about/faqs.html
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http://factfinder.census.gov/faces/nav/jsf/pages/community_facts.xhtml#
Where to Shoot. (2016). Find a Place to Shoot. Retrieved October 31, 2016, from Where to
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